How much does having a kid really cost?

I am an obsessive planner and me and DH will start TTC in about 6 months. Just trying to figure out what kind of costs are involved with having a kid so we can determine how to budget spending and prepare financially.

I have a couple of questions:

1. On a monthly basis, like how much do you spend on the kid-- in regards to diapers, etc., just the basics.

2. How much do you spend on clothing, etc.? I know that people love to buy clothes for kids-- so I am just talking basic things.

3. How much do you pay for a nanny if you have one?

4. Do you try to put money aside for college, etc. while your kids are still babies?

5. Please share anything else that you think would be important to know from this standpoint!

Thanks mommies!!!!

Re: How much does having a kid really cost?

If you plan on breastfeeding then formula is free!

Formula runs about 20 a container, which lasts on average a week depending on how much your child drinks.

Jiavana is 4 mths old and I have not laid out one penny of my own money yet on her. We have been living on gift cards for diapers and formula.

If you sign up at the company websites you can get great formula and diaper coupons.

When you shop at BRU you can combine their coupons with the Manuf.

For example. 168 pack of swaddlers cost 35.99 - 5 BRU coupon - 1.50 pampers coupon. Not a bad deal for 168 diapers.

Clothes I buy when I need it. She got all sizes from the shower so I really won't need much till 18 mths or so.

I signed up for Upromise and a 529 account so I am slowly saving for college.

Re: How much does having a kid really cost?

1. On a monthly basis, like how much do you spend on the kid-- in regards to diapers, etc., just the basics.

Ok, I am warning you that we are not the norm. Ava has a milk allergy, so as far as her formula goes, we spend over 500 dollars a month on it. But that's not typical.
Diapers, I spend 15.99 a month for a huge case from BJs.
Wipes, I think every 2.5 months I buy a case for less that 15 bucks from BJs also.
I make all of her baby food, so it's just calculated into my own food bill.
Other than her formula, she's really not all that expensive!

2. How much do you spend on clothing, etc.? I know that people love to buy clothes for kids-- so I am just talking basic things.

Clothes, we've barely had to buy any because of all the gifts we've gotten!

3. How much do you pay for a nanny if you have one?

ZIP! JT's a stay at home daddy durnig the day and works at night. It's hard, but we know who's with Ava and it's free!


4. Do you try to put money aside for college, etc. while your kids are still babies?
I'm not going to lie. I don't put anything aside for college for her. I'll worry about that when the time comes.
That's what my parents did, and I was just fine for college.


5. Please share anything else that you think would be important to know from this standpoint!

What I think is important is that there's never a "right" time, imo to have a baby. I was not expecting to get pregnant and thought it was the worst possible timing. But you know what? It all worked out because just like anything else in life, if you really want it, you find a way

Re: How much does having a kid really cost?

It really isn't that bad b/c when you have a kid you don't really spend much on other things like eating out, going out, etc.. at least not right away.

i say we spend about $30 a week on formula and about $20 or so a week on diapers- we buy the big boxes so I don't know what it works out exactly to per week.

As for saving- right now we save $50 a month in her account and my mom is opening a 529 for her and she already has tons of savings bonds & stuff...
we also save all of our loose change for the baby as well.

Re: How much does having a kid really cost?

1. On a monthly basis, like how much do you spend on the kid-- in regards to diapers, etc., just the basics.

In the beginning, a lot because they go through SO many diapers and wipes. I'd say about $50-$100 a month, but now that she's older, not nearly as much. You can cut your costs by buying in bulk - we go to Costco and probably spend about $30-$50 a month on diapers and wipes. When they get older, too, you have to feed them baby food, and that costs, I don't know, about $30-$50 a month,but you can also cut those costs by buying in bulk, or making your own. You don't have to spend a dime on formula if you BF

2. How much do you spend on clothing, etc.? I know that people love to buy clothes for kids-- so I am just talking basic things.

Basics? I find myself spending about $100 every 2-3 months because my daughter grows so fast.

3. How much do you pay for a nanny if you have one?
Daycare - costs $1000/month, and extra for a babysitter on the days daycare is closed - for example, this week, daycare is closed so we spent an additional $500 this month on babysitting

4. Do you try to put money aside for college, etc. while your kids are still babies?
Yes, we put aside a few hundred a month into a 529 education account

Re: How much does having a kid really cost?

1. On a monthly basis, like how much do you spend on the kid-- in regards to diapers, etc., just the basics.

I'd estimate about $150 per month. I EBF for 6 months which kept formula costs down. We buy formula, wipes and diapers in bulk at Costco.

2. How much do you spend on clothing, etc.? I know that people love to buy clothes for kids-- so I am just talking basic things.

We got tons of clothes for up to about 6 months. Since then, we spend about $100 every 3 months for new clothes because he grows so quickly.

3. How much do you pay for a nanny if you have one?

We pay $12/hour for a nanny....about $550 a week.

4. Do you try to put money aside for college, etc. while your kids are still babies?

We put about $250 a month into a 529. We also have a Upromise credit card whereby a % goes to a 529 account.

5. Please share anything else that you think would be important to know from this standpoint!

It's worth every penny!!!!

Re: How much does having a kid really cost?

I don't think there is any real answer for that, because the money doesn't really matter. I also think if you are in the state of mind to think if you are ready or not...you never will be.

So just have a shag, have a baby, live happily ever after.

Re: How much does having a kid really cost?

I think everyone else posts covered the basics. What people DONT think of are the car seats, toys, the strollers, the FOOD when they start eating (I spend a lot on food for her), 1st birthday parties, etc...

I recommend registering even if you dont have a baby shower. People will buy you gifts when the baby is born. (or at the baby naming/bris).

Also - I dont know if you are considering a baby nurse - but that is something to think about as well.

It's not cheap - but a lot of it is in your control. And believe - there are times you will just want to spoil them...so it will always be a little more than you think.

Re: How much does having a kid really cost?

This question cant really be answered in one simple answer. EVeryone spends so differently and lives differently.

It's really what you make of it, what you feel you need to buy (we all know 90% of baby shower items are not true necessities )

I buy formula, wipes, diapers, etc. on sales/with coupons and stock up. so its not a monthly thing. Clothes, between grandparents, bdays and holidays, I dont need to buy them much at all, unless I LOVE something and have to get it, but with the amount they have, I rarely add to the pile.

Yes, we save money for them.

Its not as bad as "they say". You find a happy medium between those like me and those that say they spend gazzilions on new outfits and silly chachkas, and you make it work for your family and lifestyle.




forgot to add: the real spending comes when theyre toddlers and discover video games and all the fun stuff to do (kiddie concerts, etc).

Its all sooo worth it

Message edited 12/29/2006 2:53:04 PM.

Re: How much does having a kid really cost?

thanks for everyone's responses!

I think what will really get us is the nanny costs. Everything else seems like- if you just spend less money on yourself, then you are covered with the baby.

This brings me back to my increasing frustration with our country's position on working moms and paid maternity leave and length of leave.

xxxxxxx

Message edited 2/9/2007 9:00:24 PM.

Re: How much does having a kid really cost?

Re: How much does having a kid really cost?

My baby is only 6 weeks old, so I will try my best in answering:

1. On a monthly basis, like how much do you spend on the kid-- in regards to diapers, etc., just the basics.

I go to BJs and get the package of 216 diapers. That lasted me one month. The cost was $35.00

For formula, I was using the Ready to Feed, which is about $30 for 6 32 oz containers. Each one was about one days worth of formula. Now, I had to switch to the powder but haven't been on it long so I don't know how long one container lasts.

2. How much do you spend on clothing, etc.? I know that people love to buy clothes for kids-- so I am just talking basic things.

I spent a lot of money on clothes, which I probably shouldn't have done. We got soooo many clothes for gifts. I could have used that. But, most people only give 0-3 and 3-6 months. DS was in 0-3 for about 4 weeks and now he is in 3-6 month clothes. So, you really never know how much to spend.

3. How much do you pay for a nanny if you have one?

don't have one. Will pay my friend $75 for two full days and two 1/2 days. The rest of the time, my mom will watch him.

4. Do you try to put money aside for college, etc. while your kids are still babies?

We opened a college savings fund and our plan is to put in $100 per month.


5. Please share anything else that you think would be important to know from this standpoint!

I think it's important to know that you can spend as much or as little on the baby as you want. What I mean is: you don't have to buy the most expensive things. But, whether you buy top of the line furniture, gear, clothes, etc., or if you get more economically friendly things, you will still be spending a pretty penny even before the baby is born.

xxxxxxx

Message edited 2/9/2007 9:00:59 PM.

Re: How much does having a kid really cost?

everyone definitely covered the basics for you. I just wanted to give some advice.

Buy in bulk. I buy all of my diapers and wipes at BJ's, they take competitors coupons. I have stocked up on so much formula but will eventually buy that at bj's as well. Now that she is on baby food we will get that at bj's too!

sign up on the formula websites, even if you plan to BF. sign up for as many as you can, you can always trade coupons with other girls.

Buy/register for neutral colors when it comes to car seats, strollers, high chairs, PNP etc. so you can use it for all of your children.

My MIL is starting a 529 for Sydney. We are opening a savings acc't as well that we will put $25/week into for her. We also throw all of our spare change in a piggy bank for Sydney, it adds up so quickly, in 2 1/2 weeks we filled one and had over $50 in it.

I completely agree w/ Rachel... the timing is never perfect. There will always be something that needs to be done, or paid for. youll need house repairs and new cars.
you just have to go for it. things will always work themselves out. It will be the best thing you have ever done! good luck!

Message edited 12/29/2006 3:35:16 PM.

Re: How much does having a kid really cost?

well all kids need diapers so figure about 40 a month for that.
breast feed it's cheaper. we paid about 5 dollars a day for formula once i stopped.
we don't have a nanny but thinking of getting an au pair which is 140 a week plus your once a year 6000.00 dollar downpayment. (still worth it)
i pay ALOT of money on extra curriculars like karate, gymnastics, sports, christmas, trips to city, restaurants, ect...
you do what you can afford and the kids will love you no matter what!